The London based remittance operator MoneyTO announced a launch of money transfers to Nigeria. The transfers can be made from the UK and EU countries fee-free.
The recipients will get the transfer straight to their bank accounts in Nigeria.
According to the World Bank, Nigeria is one of the six largest recipients of remittances in the world, attracting $24 billion in 2019, which made up 5% of the country’s GDP.
Over the past six years remittances made by Nigerian expats have increased by more than 126%. About 20% of the total volume of remittances to Nigeria are sent from the UK, followed by Italy, Spain, Germany, Ireland, etc. As stated in a PwC report, the growth of remittances to Nigeria is expected to soar to $29.8 billion in 2021.
“Launching Nigeria fee-free money transfers is a significant breakthrough for MoneyTO brand. We look forward to being of service to the Nigerian communities in the United Kingdom as well as in the countries of the European Union”, says MoneyTO founder George Piskov.
Remittances with MoneyTO can be sent online via Visa and MasterCard in GBP and EUR. The recipient will receive the transfer in Nigerian Naira (NGN). MoneyTo offers one of the best exchange rate on the market.
For example, when sending GBP 300 with any other service, the addressee receives NGN 150 710 on average, with MoneyTo the amount will be NGN 156 018.
The gateway allows recipient to receive money to any account in Nigeria at the following banks: Fidelity Bank Plc, First City Monument Bank, United Bank for Africa Plc, Guaranty Trust Bank plc, Union Bank of Nigeria Plc, First Bank of Nigeria, Access Bank Plc, Zenith Bank Plc, etc.